Measuring social contribution is not as easy as it seems, and that is a problem for regulators working to track job creation by banks. The Financial Services Commission (FSC) announced in June that it will come up with an index of the “contribution” major banks make toward employment.The index, initially due to be released in August, will not only factor in the direct contribution – that is, banks hiring – but will also factor in indirect contributions, hiring that results from funding that banks provide to the economy.But the regulator admitted last week that it was not able to determine the degree of each bank’s contribution to job creation with the employment inducement coefficient, which was the indicator it had intended to use. The employment inducement coefficient refers to the number of new jobs directly and indirectly created when a given industry produces an additional 1 billion won ($856,629) worth of output. The Korea Institute of Finance, an institute under the regulator, advised against using the figure in assessing bank capacity for job creation since it can lead to a misleading result, according to the FSC. “Depending on different variables, the result significantly differed, which means that the statistics could… Read full this story
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